CFTC Shuts down School of Trade

[surf'n trade]

They are one of many, CFTC just going down the ninjatrader ecosystem partners list:
https://www.elitetrader.com/et/threads/multiple-ninjatrader-vendors-busted-by-cftc.303361/

 

[mstier]

I thought you were basically safe as a trading vendor....as long as you say on the bottom: 'Past performance is no guarantee. You may lose everything. etc etc'

...I think the complaint said they also managed to miss some of the appropriate disclosures

 

[BearRunner]

I thought you were basically safe as a trading vendor....as long as you say on the bottom: 'Past performance is no guarantee. You may lose everything. etc etc'

Sure, as long as the vendor isn't making outright BS claims else where to talk up their product as providing x, y, z when it cant.

 

[Handle123]

wow... read this:

..... He was, however, sentenced to six months in jail in 2005 for felony attempted sale of narcotics, according to the lawsuit......

..... Dufresne describes himself in his promotions as an award-winning day trader with 14 years of experience in many types of commodities. ..

Maybe he was trying to become a pioneer and making illegal drugs into new commodity markets, dozen new ETFs specializing into each kind. Have to wonder how many would be taking delivery, ROFLMAO

I think it was on 20/20 where some states were using prisoners to be telemarketers, now can you imagine some of the convicts having photo memory of credit cards then ordering stuff delivered to the prisons?

http://www.prisontalk.com/forums/showthread.php?t=11505

They in right place to be caught though.

I remember very first seminar I paid $1,000 and went to in NYC, paid half with certified check and sent, he had advertised through Futures magazine in 1985, flew and stayed in some hotel-remember wow this expensive, then I show up with 20 other guys in literally basement of another hotel, there was a table with coffee, donuts and sign he was running late and making hand outs, He comes in 20 minutes later with his side kick who looked exactly like Loni Anderson, she collected the other half of our certified checks and said they has another 8 hand outs to make and gave us ones they had made.....Last we ever saw of them....LOL OMG that is funny now, but at the time........made some good friends though.

 

[BearRunner]

Maybe he was trying to become a pioneer and making illegal drugs into new commodity markets, dozen new ETFs specializing into each kind. Have to wonder how many would be taking delivery, ROFLMAO

I think it was on 20/20 where some states were using prisoners to be telemarketers, now can you imagine some of the convicts having photo memory of credit cards then ordering stuff delivered to the prisons?

http://www.prisontalk.com/forums/showthread.php?t=11505

They in right place to be caught though.

I remember very first seminar I paid $1,000 and went to in NYC, paid half with certified check and sent, he had advertised through Futures magazine in 1985, flew and stayed in some hotel-remember wow this expensive, then I show up with 20 other guys in literally basement of another hotel, there was a table with coffee, donuts and sign he was running late and making hand outs, He comes in 20 minutes later with his side kick who looked exactly like Loni Anderson, she collected the other half of our certified checks and said they has another 8 hand outs to make and gave us ones they had made.....Last we ever saw of them....LOL OMG that is funny now, but at the time........made some good friends though.

LOL, that's actually a pretty funny story with hindsight. Would be super agro at the time but!

 

[humbletrader2016]

I attended a similar trading seminar over a decade ago where they were very aggressive to make everyone spending thousand $$$ buying their basic to premium training packages. It was a big conference room with over 70-100 attendees where instructors tried to convince us how to make easy money and getting rich with trading. At the end of the show, many of these attendees were begging them to accept loans such as monthly payments because they didn't have enough money in their account at that time to pay those expensive courses.

You know? Normally, I wouldn't care if their goal is to scam those 1% wealthiest population, but preying on hopeless victims who have been living a tough and stressful live trying to make some decent income to support themselves and their family???

[QUOTE=" I remember very first seminar I paid $1,000 and went to in NYC, paid half with certified check and sent, he had advertised through Futures magazine in 1985, flew and stayed in some hotel-remember wow this expensive, then I show up with 20 other guys in literally basement of another hotel, there was a table with coffee, donuts and sign he was running late and making hand outs, He comes in 20 minutes later with his side kick who looked exactly like Loni Anderson, she collected the other half of our certified checks and said they has another 8 hand outs to make and gave us ones they had made.....Last we ever saw of them....LOL OMG that is funny now, but at the time........made some good friends though.[/QUOTE]

 

[bone]

It's really creepy that they are keeping their website up and taking new clients as I type this... Is it that they have to be found guilty before they have to stop ripping people off ?

http://www.schooloftrade.com/

Apparently a new trader looking to reach their goals can Skype the incredible people-person Megan James in order to inquire further. Her Skype is: Megan.James12345

Here's her bio from their website:

Megan James is the President of SchoolOfTrade.com. She oversees daily operations for our website, and helps our new students go through Orientation to ensure that their trading careers get started on a solid foundation. Megan is an incredible people-person, understands small-business owners, and she enjoys helping new traders achieve their goals with our trading strategies.

 

[BearRunner]

It's really creepy that they are keeping their website up and taking new clients as I type this... Is it that they have to be found guilty before they have to stop ripping people off ?

http://www.schooloftrade.com/

Apparently a new trader looking to reach their goals can Skype the incredible people-person Megan James in order to inquire further. Her Skype is: Megan.James12345

Here's her bio from their website:

Megan James is the President of SchoolOfTrade.com. She oversees daily operations for our website, and helps our new students go through Orientation to ensure that their trading careers get started on a solid foundation. Megan is an incredible people-person, understands small-business owners, and she enjoys helping new traders achieve their goals with our trading strategies.

You've sold me on it @bone, I'm going to sign up

Can't be anything wrong if its business as usual. Due diligence completed.



What's the bet they set up a new business name to operate under the umbrella of and straight back into the same scam. Must be a profitable scam if they can wear the settlement and keep operating.

Bet we could can find that picture of "Megan James" on some stock photo website.....

 

[bone]

I sent a copy of the CFTC complaint to YouTube last week on SoT but the channel is still up and running

 

[BearRunner]

I sent a copy of the CFTC complaint to YouTube last week on SoT but the channel is still up and running

Don't hold your breath. YouTube won't care one way or the other just as long as they still get to collect revenue from the channels ads.